Realty Income — Nov 3, 2025 release

A 103.5% rent recapture rate on re-leased properties is a testament to Realty Income’s data-driven asset management process and the stability of our well-diversified real estate portfolio.” “Given the momentum in our business, we are updating our 2025 AFFO per share guidance to $4.25 - $4.27 and our 2025 investment volume guidance to approximately $5.5 billion. As we wrap up 2025 and look forward, flexibility remains a competitive advantage for Realty Income, poised for expansion across location, property type, industry or capital source.” Select Financial Results The following summarizes our select financial results (dollars in millions, except per share data): Three months ended September 30, Nine months ended  September 30, 2025 2024 2025 2024 Total revenue $ 1,470.6 $ 1,330.9 $ 4,261.4 $ 3,930.8 Net income available to common stockholders (1) (2) $ 315.8 $ 261.8 $ 762.5 $ 648.3 Net income per share $ 0.35 $ 0.30 $ 0.84 $ 0.75 Funds from operations available to common stockholders (FFO) (3) $ 981.1 $ 854.9 $ 2,874.5 $ 2,569.7 FFO per share $ 1.07 $ 0.98 $ 3.18 $ 2.99 Normalized funds from operations available to common stockholders (Normalized FFO) (3) $ 994.4 $ 863.5 $ 2,888.4 $ 2,675.2 Normalized FFO per share $ 1.09 $ 0.99 $ 3.19 $ 3.11 Adjusted funds from operations available to common stockholders (AFFO) (3) $ 992.0 $ 915.6 $ 2,889.2 $ 2,699.5 AFFO per share $ 1.08 $ 1.05 $ 3.19 $ 3.14 (1) The calculation to determine net income available to common stockholders includes provisions for impairment, gain on sales of real estate, an